Obama: We Can't 'Cut Our Way To Prosperity'

David Gregory, CBS: “Would you commit to that first year of your second term getting significant reform done? Telling Congress ‘We gotta do it this year’?

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President Obama: “David, I want to be very clear; you are not going to cut your way to prosperity. One of the fallacies that has been promoted is this notion that deficit reduction is only a matter of cutting programs that are really important to seniors, students and so on…”